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A Treasury STRIPS is quoted at 58.353 and has 7 years until maturity. What is the...

A Treasury STRIPS is quoted at 58.353 and has 7 years until maturity. What is the yield to maturity? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)  

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Answer #1
                  K = N
Bond Price =∑ [(Annual Coupon)/(1 + YTM)^k]     +   Par value/(1 + YTM)^N
                   k=1
                  K =7
58.353 =∑ [(0*100/100)/(1 + YTM/100)^k]     +   100/(1 + YTM/100)^7
                   k=1
YTM% = 8
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